Topps Tiles PLC (LSE:TPT) suffered a dip in revenues and profits in the first half of its financial year amid what chief executive Rob Parker called “challenging” trading conditions in the tile market.
The UK’s leading tile merchant reported a revenue of £122.8 million, a decrease of 5.8% from the same period last year, with a statutory loss before tax of £1.5 million, compared to a profit of £1.7 million in the first half of 2023.
Despite the challenging trading conditions, Topps Tiles saw an increase in gross margin to 53.9%, up from 52.8% in the previous year.
The interim dividend was maintained at 1.2p per share.
Chief executive Rob Parker pointed out that the tile market is down 20% since 2019.
“Against this backdrop, we are continuing to take market share, our online pure play businesses are growing strongly and the Group remains in a robust financial position,” he said.
Topps Tiles maintained its store estate at 304 stores, with one new store opening in Newcastle Kingston Park and one relocation in Brentwood.
Shares dropped 3.4% following publication of the statement.